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HENDERSHOT v. CHARLESTON NAT. BANK

No. 27S02-9011-CV-746.

563 N.E.2d 546 (1990)

William P. HENDERSHOT, Appellant (Defendant below), v. CHARLESTON NATIONAL BANK, Appellee (Plaintiff below).

Supreme Court of Indiana.

November 27, 1990.

Attorney(s) appearing for the Case

C. Robert Rittman, Biddinger & Johnson, Marion, for appellant.

Michael J. Kiley, Kiley, Osborn, Kiley, Harker, Rogers, Michael & Certain, Marion, David L. Wyant, Shuman, Annand & Poe, Charleston, W. Va., for appellee.

SHEPARD, Chief Justice.

This case presents an issue of first impression: whether a guarantor or surety1 is released from his obligation when a creditor settles with and releases the primary obligor while specifically reserving its right of recourse against the guarantor. We hold that the guarantor is not released from his obligation.

William P. Hendershot was president, chief executive officer and majority shareholder of Mastercoach...

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